The main point of investment is the acquisition of a film and television special effects company. The target of the acquisition has outstanding professional strength. Juguang Film is a leading film and television special effects production company in China. It has a good reputation in the film and television special effects industry at home and abroad. It has won many visual effects awards at film festivals, and its professional strength is outstanding. In this transaction, the company used 95.829 million yuan to transfer 37.58% of the shares transferred from all parties, and also invested 15.3 million yuan to subscribe for an additional registered capital of 638,300 million yuan, with a cumulative investment of RMB 111 million; after the transaction was completed, the company held 41.11% of Jiguang Huiying's shares. The promised net profit of the acquisition is expected to significantly increase the company's performance. In 2015, Juguang Film achieved revenue of 10.1985 million yuan and net profit of 10.122 million yuan, and achieved revenue of 30.2089 million yuan and net profit of 6.6634 million yuan from January to November 2016. The relevant shareholders of the target party promised to deduct non-net profit of 17 million yuan, 23 million yuan, and 31 million yuan respectively in 2016-2018; if the commitment is exceeded, the company will reward the pledger 40% of the excess portion and acquire all remaining shares. Weihai Co., Ltd. achieved net profit of 63 million yuan in 2015 and net profit of 28 million yuan in the first three quarters of 2016. The net profit promised by Focus Film in 2016 is expected to contribute about 27% to the company's profit growth rate. If the results are merged, the company's performance is expected to increase significantly. The income guarantee ratio for PPP orders is high, and high growth in the original main business can be expected. In 2016, the company's PPP orders showed explosive growth, and major PPP orders continued to be signed, such as the integrated PPP project of the Shuitang Reclamation Project in Jiaojiang District of Taizhou City (7.668 billion yuan) and the PPP project of the Fujian Health Industrial Park (Phase I and Phase II) construction project (100 million yuan). Currently, the company's PPP orders reached 15.343 billion yuan, 8.09 times the company's revenue in 2015, and the PPP order guarantee ratio ranked among listed construction companies. The company has sufficient PPP orders in hand, and future performance is highly guaranteed. As orders are carried over into revenue, the company is expected to experience explosive growth in performance. Profit forecast and rating: Regardless of the impact of the company's increased dilution, the company's 2016-2018 EPS is expected to be 0.14 yuan, 0.18 yuan, and 0.19 yuan respectively, and the corresponding PE is 72.3 times, 57.8 times, and 52.7 times, respectively, maintaining the company's “increased holdings” rating. Risk warning: the progress of the project falls short of expectations, and the progress of the second main business falls short of expectations